Core Insights - The article highlights the innovative approach of Guangming Sugar Industry in utilizing sugarcane to produce "plant water," which is a zero-sugar, zero-calorie beverage derived from sugarcane, showcasing a new path for agricultural supply-side reform [1][2] Company Overview - Guangming Sugar Industry, through its subsidiary Guangxi Feng Sugar Biochemical Co., has become the first domestic company to achieve mass production of plant-based water from sugarcane, emphasizing the concept of "maximizing the use of a single sugarcane" [1][2] - The company has established a market network centered in Shanghai, covering major sugar consumption areas across China, with a sugar sales volume of nearly 3 million tons in 2023, ranking second in national sugar trade [2] Technological Innovation - The development of plant-based water involved over a decade of technological advancements, including the creation of a sugar-use ceramic membrane that allows for the efficient treatment of sugarcane wastewater [2] - Guangming Sugar Industry is focusing on integrating key technologies and promoting digital, intelligent, and green transformations within the sugar industry [4] Circular Economy Initiatives - Guangxi Feng Sugar has implemented a comprehensive utilization strategy for sugarcane, creating multiple value-added products such as paper, fertilizer, and alcohol, thereby promoting a circular economy within the sugar industry [3] - The company has achieved a 100% utilization rate of sugarcane bagasse, which is used as a raw material for paper products, contributing to the reduction of wood pulp usage and protecting forest resources [3] Industry Development Strategy - The company aims to enhance its core competitiveness through continuous innovation in technology, products, branding, and business models, aligning with national goals for agricultural efficiency and rural revitalization [4]

2 月 15 日-2 月 21 日，上证综指单周累计上涨 0.97 个百分点，报 3379.11；沪深 300 指数单周上涨 1 个百分点。环保（申万）指数 上涨 2.2%，跑赢沪深 300 指数（上涨 1%）1.2 个百分点，跑输创 业板指数（上涨 2.99%）0.79 个百分点。2025 年初至今，环保工 程及服务板块整体指数表现一般，累计涨幅为 1%，跑输沪深 300 指数 0.11 个百分点。 投资建议： 证券研究报告·行业动态 民营企业座谈强调清偿账款，环 保行业盈利质量有望增强 核心观点 近期召开的民营企业座谈会明确提出对民营企业公平参与市场 竞争、解决融资难融资贵、解决拖欠民营企业账款问题等做出部 署；此后，国家发改委也表示要加力推动解决拖欠民营企业账款 问题，加快促进民营经济发展。具体来看，中央财办有关同志表 示 2025 年解决拖欠账款相关工作将进一步深入推进，地方政府 要落实属地责任，用好新增地方政府专项债等政策，尽最大能力 加快偿还拖欠企业账款。对于环保行业来说，地方政府是企业的 主要客户，受地方账款拖欠的影响较大。伴随化债资金的就位和 地方转向债券的发行，环卫行业应收账款有望加速回收， ...